In light of Equifax’s recent massive credit breach, many people are going through the process of “freezing” their credit with each of the credit bureaus. This prevents someone from obtaining a new credit account in your name (it does not prevent them from using existing credit). I actually decided to freeze my credit a while back when it appeared that someone was trying to commit fraud with our address. It’s not that difficult to do and it’s pretty easy to forget about…until you decide to apply for new credit, such as getting a mortgage. [Read more…]
Can you get a Mortgage with Frozen Credit?
September 11, 2017 by Leave a Comment
Fannie Mae updates underwriting guidelines at the end of this month
July 12, 2017 by Leave a Comment
Effective July 29, 2017, Fannie Mae will release DU Version 10.1, packed full to changes to their underwriting guidelines. These changes apply to Fannie Mae conforming mortgages (Freddie Mac has different guidelines). Here are some of updates effective at the end of this month:
50% Debt-to-Income Ratios. [Read more…]
Not so good karma for your credit?
April 27, 2016 by Leave a Comment
I just received an email from a popular credit reporting service suggesting that I open new accounts.
The difference between your internet credit score and what a mortgage company will use
January 22, 2016 by Leave a Comment
I am taking advantage of the current low mortgage rates and refinancing! I fired up Credit Karma and was surprised to see that my score had dipped. My bank also provides my credit score, which was in line with what Credit Karma was providing – just one point under 720. UGH!!! Apparently, I had used one of my credit cards a little more than I should have over the holidays for some home improvements. One digit in your credit score can make a significant difference in your mortgage interest rate and the cost associated for the rate.
Establishing Credit Scores
September 9, 2015 by 1 Comment
If you’re a reader of Mortgage Porter, you probably know that I just returned from a long weekend to Nashville to visit my son and check out his new apartment. Getting started on your own is an important part of your life and it helps to have established credit. This is especially true if you plan to buy a home as most lender will require that you have three to four established accounts. The credit lines you establish (and other credit events) will determine what your credit scores are.
Steps in the Mortgage Process
July 25, 2014 by 46 Comments
EDITORS NOTE 10/23/2015: This post has been updated to include the new disclosures and wait periods required per the Dodd Frank Act effective on loan applications dated October 3, 2015 and later. Click here to read the updated post.
The process of getting a mortgage consists of several stages and typically takes anywhere from 20 – 40 days (or more) depending on how prepared you are, what mortgage program you have selected and if it’s a purchase, the closing date may dictate how long the process will take. The steps below may not take place in the exact order I have listed and some steps may happen simultaneously.
Don’t let these things HAUNT your Preapproval
October 31, 2013 by Leave a Comment
I encourage anyone who is considering buying a home to start the preapproval process as soon as possible. Regardless of if you’re not planning on buying for a year or you think your credit, income and assets are prefect – you never know what underwriters may find lurking in your application.
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